Saturday, December 05, 2009

Federal Vehicle Sales Tax Deduction

Federal Taxpayers who buy certain new vehicles after Feb. 16, 2009, and before Jan. 1, 2010 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax. The deduction is limited to fees or taxes paid on up to $49,500 of the purchase prices of a qualified new car, light truck, motor home or motorcycle. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The deduction is available even if you do not itemize deductions.
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